PRTA

Analyst Upgrades and Downgrades: JP Morgan downgraded Argan Inc while raising its price target, Oppenheimer maintained an Outperform rating for Amazon with a price target increase, and RBC Capital downgraded PTC Therapeutics despite raising its price target.

Price Target Adjustments: Barclays lowered Crown Castle's price target and downgraded its rating, while Benchmark raised Light & Wonder's target and maintained a Buy rating.

Significant Increases: Mizuho raised Insmed's price target significantly and maintained an Outperform rating, while HSBC upgraded Thermo Fisher Scientific from Hold to Buy with a notable price target increase.

Mixed Ratings: Argus Research cut Target's price target but kept a Buy rating, and BMO Capital reduced Old Dominion's target while upgrading its rating to Outperform.

Phase 2 Trial Results: Novo Nordisk's coramitug, an antibody for transthyretin amyloidosis with cardiomyopathy (ATTR-CM), showed a significant reduction in NT-proBNP levels at a 60 mg/kg dose, indicating potential effectiveness, though it did not significantly impact the six-minute walk test.

Background on Coramitug: Originally developed by Prothena Corporation and acquired by Novo Nordisk in 2021, coramitug targets misfolded transthyretin to promote amyloid clearance and is currently being evaluated in a Phase 3 trial named CLEOPATTRA.

Participant Demographics: The trial involved 104 participants, with 90% on disease-modifying therapy, primarily using Pfizer's Vyndaqel/Vyndamax, and demonstrated that coramitug was well tolerated with improved echocardiographic parameters.

Market Impact: Following the trial results, Novo Nordisk's stock saw a slight increase of 0.87% in premarket trading, reflecting investor interest in the potential of coramitug in treating ATTR-CM.

Phase 2 Data Publication: Novo Nordisk's coramitug, an investigational antibody for treating ATTR amyloidosis with cardiomyopathy, has shown promising Phase 2 clinical trial results, which were published in the journal Circulation and presented at the AHA Scientific Sessions.

Ongoing Phase 3 Trial: Following the Phase 2 results, Novo Nordisk has initiated the Phase 3 CLEOPATTRA clinical trial to further evaluate coramitug's effects on cardiovascular outcomes in patients with ATTR-CM.

Acquisition Details: Novo Nordisk acquired Prothena's ATTR amyloidosis business for up to $1.2 billion, with Prothena eligible for milestone payments as the clinical trials progress, including $100 million already earned.

Coramitug's Mechanism of Action: Coramitug is designed to deplete amyloid deposits associated with ATTR amyloidosis while preserving the normal form of the protein, potentially serving as a monotherapy or complementing existing treatments.